The general portfolio consists of a basket of large international stocks with a relatively low level of risk and a high level of liquidity. The company also uses the general portfolio as a repository for surplus cash, and therefore the holdings are kept to a size that can be easily traded in the marketplace.

In terms of investee company and investment size, the general portfolio has been structured to offer a level of risk comparable to a broad-based fund. However, the company's pursuit of a "themed" investment strategy, where holdings are concentrated in a small number of industry sectors, means that the portfolio is not a tracker fund and consequently has the potential to outperform a broad-index such as the FTSE 100.

The ten largest investments in the portfolio as of 31 December 2007 are shown in the table below: